GAB, GFPA partner to boost digital financial services sector

digital financial services
From left, Martin Kwame Awagah, Fintech Association President and John Awuah, Association of Banks CEO

The Ghana Association of Banks (GAB) and Ghana Fintech and Payments Association (GFPA) have agreed to jointly pool their expertise and resources to spearhead national efforts aimed at championing the drive towards digital financial services in the country.

This initiative is both Associations’ practical response to the assertion that digital technology remains the future of financial services in global economies, including Ghana. To firm-up Ghana’s achievements for increased productivity and growth of the cashlite economy, a meeting was convened to formally introduce the Ghana Fintech and Payments Association to the representative of community of banks, Ghana Association of Banks.

The partnership of both bodies is intended to leverage the immense opportunities in the country’s financial sector to promote government’s cashlite agenda, spearhead digital literacy initiatives and achieve financial inclusion for all.

Martin Kwame Awagah, President of the Ghana Fintech and Payments Association, asserted: “Ghana’s drive towards digital sufficiency is hinged on financial access and payments. Hence, the successes chalked by commercial banks as well as financial technologies thus far, cannot be taken lightly. Therefore, there is the need to join efforts in counteracting AML issues, e-KYC, regulatory compliance and policies, fraud and scams which have seen an increase as a result of positive achievements in the digital financial services landscape.”

On his part, John Awuah, CEO, Ghana Association of Banks averred, “by nature of their operations, banks and fintechs have always complemented each other towards the promotion of industry best practices to enlighten the masses. As we take a step further towards digital financial era, there is the need for both Associations to work harmoniously towards development of initiatives or programmes that would strengthen the sector; as well as increase the usage of digital banking services or platforms.”

Mr. Awagah used the opportunity to invite the Ghana Association of Banks to launch of the foremost fintech community, the Ghana Fintech and Payments Association in September 2022.

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